In the current uncertain environment, risk management has become essential if organisations are to strengthen their resilience and create sustainable value. In this article, Criticaleye Advisory Member, EY, encourages Boards to think beyond today’s challenges to understand how they and their organisations can bolster risk management to drive growth and build that resilience.
Key takeaways include:
The Board should reimagine how they operate, their composition and role in setting an organisational purpose that extends beyond maximising returns for shareholders.
They need to work with management to define, implement and measure a corporate culture that is inspired by purpose and aligned with the organisation’s strategy.
Boards must also ensure that the organisation adopts a data and technology-driven approach to risk management and reports on the threats that matter most.